The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-12-08


Existing Tariff Laws. and Declares That
Unless Measures Are Taken To Reduce
the Surplus, the People Must Suffer.
He Appeals to the Manufacturers &"
Exert Themselves In Favor of "a Tsrih
Reduction.
WASHINGTON, Dec 6-The presidents
annual message, read before congress, Is as
follows;
To the Congress Of the United States;
Yon are confronted mt the threshold OF
your legislative duties with condition OF
the national finances which imperauvely de
mands immediate and careful consideration.
The amount Of money annually exacted,
through the operation Of present laws, from
the industries and necessities OF the people
largely exceeds the sum necessary to meet
the expenses Of the government.
THE PUBLIC TREASURY a BOARDING PLACE.
When we consider that the theory Of our
institutions guarantees TO every ci1zsn Tie
full enjoyment Of all the fruits OF ms IN
dustry aud enterprise with only such deduc-
ton rs may be his share toward The cAreiui
and economical maintenance OF the govern
mont which protects him, II Is PLAN tuat tue
exaction OF more than this is indefenslDle
extOriOn, and culgable betrayal OF Amer
lean f1irness and Justice This wrong in
nic;ed upon those who bear the burden OF
national taxation, like other wrongs, multi
plies brood OF evil consequences The
public treasury, which should only exist as
conduit conveying the peoples tribute TO
its legitimate objects of expenditure, be
comes boarding place for money necdlessly
Withdrawn from trade and the peoples use,
thus Gripping our national energies, sus-
pending our country's development, pre-
venting investment in productive enterprise,
threatening financial disturbance, and in
,iting schemes Of public plumber.
THIS condition Of our treasury is not alto
gethar new; and it has more than once Of
late been submitted 10 the peoples repre-
sentatiyes in the congress, who alone can
apply a remedy And yet the situation still
continues, with aggravated incidents, more
Than ever presagiug financial CONFUSION and
widespread disaster.
IL will not do to neglect this situation be
cause lis dangers are not now paipabiy III
minent and apparent. They exist none the
less certainly, and await the unforeseen and
unexpected occasion VII N suddenly they
will he precipitated upon u.
On the 3Olh day Of June, 1885, ths excess
ot revenues over public expenditures after
complying with ihs annual requirement OF
the sinking fund act, was Sl1 SjJ, f3j -
during the year ended June 30 1886, such
excess amounted TO Si9, 405. j45 20; and dur
ing he year ended June 80, lsss, It reached
the sum Of SO, 5Js Si954
TuF SINKING Fy.D
The annual contributions to the sinking
fund during the three years above specified,
amounting in the aggregate to Sl3s,Ojs,-
32Uyi, and deducted from the surplus Us
stated were made by calling in for that
purpose outstanding $ per cent bonds Of the
government Daring the six months prior
TO June 80, lsss, the surplus revenue had
grown 50 large 10y repested accumulations,
and it was feared the withdrawal OF this
great sum of money needed by the people
would so affect the business of the country
that the sum Of sl9 s64 100 OF such surplus
was al p led TO the payment Of the principal
and interest of the 8 per cent bonds still
outstanding. and which were then payable
at the option of the government The pre-
carious condition Of financial affairs among
the people still needing relief, Immediately
after the Soth day Of June, 1887,
the remainder OF the per cent
bonds then outstanding, amounting with
principal and interest 20 the sum OF
Sis,s77, 500, were called in and applied TO the
sinking fund contribution for the current
fiscal year Notwithstanding these opera
lions Of the treasury department, represe II
tations Of distress in business circles not only
continued but increased, and absolute peril
L. a..
contribution TO the sinking fund for the cur
rent fiscal year was at once completed by the
expenditure of S27 ,6S4 2S3 50 in the purchase
of government bonds not yet due bearing
and Al per cent interest, the premium
paid thereon averaging about p per cent for
the former and per cent. for the latter. In
addition to this the interest accruing during
the current year upon the outstanding
bonded indebtedness of the government was
TO some extent anticipated and banks ST.
lected as repositories Of public money were
permitted to somewhat increase their dc
posits.
SURPLUS REVENUES.
While the expedients thus employed to re-
lease to the people the money lying idle in
the treasury served to avert immediate
danger, our surplus revenues have continued
10 accumulate inc excess LOT lnt present
year amounting on the LIST day Of December
TO s55, 25s, 7Ol 10, and estimated TO reach the
sum of sil3 900 600 on the S0th OF June next,
at which date it is expected that this sum,
added TO prior Accommodations, viii swell the
surplus in the treasury TO $40, 900, 600
There seems TO be no assurance that, with
such a withdrawal from use of the peoples
circulating medium, our business community
may not in the near future be subjected to the
same distress which was quite lately produced
from the same cause Aud while the func-
tions Of our national treasury should be
few and simple, and while its best condition
would be reached, | believe by its entire
disconnection with private business interests,
yet when, by peryersion of its purposes, il
idly holds money uselessly subtracted from
the channels Of trade, there seems TO be
reason for the claim that some legitimate
means should DO dey ised by the government
10 restore in an emergency, without waste
or extravaganza, such money TO its place
among the people.
NO EXECUTIVE POWER or RELIEF